deltec

ChainCatcher news, Deltec Bank and Trust has sold its business line to Britannia Bank and Trust, both of which have served Tether and operated in the Bahamas. Britannia's Chairman Julian Francis explained that what Britannia acquired is not Deltec, but the business line of Deltec Bank.Deltec Bank was once one of the most important banks in the crypto ecosystem, providing Tether with a connection to the banking system after most banks refused to do business, and also offering convenient services to many other cryptocurrency entities. (Protos)

ChainCatcher news, according to Bloomberg, a lawsuit filed in a Florida federal court on Friday shows that Bahamian bank Deltec Bank & Trust Ltd is accused of providing SBF with "secret" short-term credit worth billions of dollars to purchase Tether.The document also claims that Deltec helped SBF misappropriate customer funds by transferring money between FTX and Alameda accounts.It is reported that SBF's companies started opening accounts at Deltec in 2018, partly to more easily obtain Tether. According to the lawsuit, Alameda only needed to transfer its funds from the Deltec account to Tether's account to purchase tokens. Starting in 2021, Deltec granted Alameda a three-day grace period to pay for the Tethers it purchased, effectively providing the fund with a short-term credit line. The bank did not offer grace periods to other clients, and a Deltec executive told Alameda traders to keep this confidential. This "secret credit line" sometimes exceeded $2 billion. Alameda then sold these tokens for profit.Deltec lawyer Desiree Moore stated that the bank and its chairman Jean Chalopin were unaware of FTX's misconduct before it became public.

ChainCatcher News: Last month, the U.S. Secret Service conducted multiple fund seizures on U.S. bank accounts controlled by Deltec. These accounts are custody accounts provided by Deltec Bank for corporate clients, suspected of online fraud, bank fraud, or money laundering.

ChainCatcher news, U.S. Delaware bankruptcy judge John Dorsey ruled that Alameda Research should be repaid a loan of nearly $53 million. This loan, provided to Tether's bank Deltec International Group in 2021, was initially approved by FTX's Ryan Salame in 2021. The judge authorized and directed Deltec to pay Alameda an amount equivalent to $52,859,644, plus daily interest of $10,538.Deltec is a Cayman Islands company whose banking division serves the stablecoin company Tether. (CoinDesk)

ChainCatcher news, FTX lawyers proposed an order to the U.S. Bankruptcy Court in Delaware on March 29 for Deltec International Group (DIG) bank to hand over the assets related to the promissory note associated with Alameda Research and former FTX executive Ryan Salame.Reportedly, FTX Digital Markets contacted CEO Salame to sign a promissory note agreeing to pay the debtor Alameda Research $50 million in principal and interest. The document shows that this note was later transferred from an account under Alameda's name to DIG. Salame is listed as a director of Norton Hall and executed and delivered his signature page on the note.Despite the $50 million promissory note between Norton Hall and DIG, Norton Hall informed the debtor that Salame is not and has never been a director of the company, nor has he authorized DIG for this note. If the motion is approved, the amount the debtor is expected to receive has not been disclosed. The hearing for the order is scheduled for April 12. (The Block)